Many of us are extremely busy in our life. We may be diligent in managing our day to day finances accurately and promptly.
But, what about our savings accounts? Do we actively manage these? Or do we let them tick over as they are savings accounts?
The purpose of the article is to raise your awareness of the Dormant Bank Account Scheme that is running in the UK. Some of you may already be aware of this and some not. This post is NOT a guide, it is quick post to highlight the scheme to all and to prompt action if required
What is a Dormant Bank Account?
In the United Kingdom (UK) there is a government scheme called the ‘Dormant Bank Account Scheme‘.
A dormant bank account is an account that has had no activity (i.e. that is inactive) for fifteen years or more.
In 2008 Gordon Brown, the then prime minister created this initiative to reclaim money from dormant bank accounts to help charities (click here to read more), to help good causes.
A good few banks are voluntarily participating in this scheme.
For example here are a few of the big banks
- Lloyds Banking Group
- Bank of Scotland,
- and more. Click here to find the full list.
As initiatives go this is a great idea and helpful, as there will be a lot of money in forgotten accounts where the account holder may be deceased.
If you are like me and have been too busy to manage all the saving accounts, you certainly do not want your money to be taken by this scheme. What can you do? Read below to find out.
What do I do If I Have Dormant Bank Accounts?
Identify all your saving accounts.
This might be easy to do if you have all your paperwork in order.
- If you do have your paperwork in order, then contact your bank or building society and ask them how to reactivate the account(s).
- If your paperwork is not in order. You can go to an organisation called My Lost Account ( click here) to find your lost money.
If you want more information on reclaiming lost assets then visit Money Super Market website, my favourite website for honest financial advice (click here).
I am not a financial expert at all. I only learnt about this scheme two weeks ago.
ACT NOW don’t delay, as these tasks may take weeks to resolve.
- Though this post is specifically for of us in the United Kingdom (UK), it could be that your country is running such a scheme.
- Many of us have forgotten accounts, or we have just been too busy to manage.
- It is embarrassing to admit a lack of financial management. But, it is better late than never. I know money scares a lot of us. But to be lazy in this area is frankly silly and not good for our future. Don’t be hard on yourself about it, and remember better late than never.
- This post is quick post to highlight this scheme. Please do your own investigation and research the scheme further.
- A lot of banks will inactive your accounts after 3 years of no activity. Though these are not classified as dormant by the scheme. It is best to stay on top of all your accounts. It is just good money management to stay on top of accounts.
I hope this post has been useful. Again, this post is specific to the UK, as this where I live.